Le vendredi dernier, Crédit du Morocco announced that it had issued perpetual subordinated bonds for a total amount of 500 million Dirhams (MDH) in principal with a mechanism of absorption of losses and cancellation of coupon payments.

L'émission d' obligations est du Crédit du Maroc est placée en deux trnaches A et B non côtés. Selon la banque, elle concerne 5,000 perpetual subordinated bonds, for a nominal value of 100,000 dirhams. For White A, the facial interest rate is subject to revision every 10 years. The Bank press release mentions that for the first 10 years, the facial interest rate is determined with reference to the 10-year rate determined from the reference yield curve of the secondary market for treasury bills as published by BAM on November 29, 2024, or 3.32%. This rate will be increased by a risk premium, i.e. between 5.57% and 5.67%

S'agissant de la bracket B, for the first year, the facial interest rate is the full 52 week rate (monetary rate) determined from the reference yield curve of the secondary market for treasury bills as published by the Central Bank on November 29, 2024, or 2.73%. This rate will be increased by a risk premium of between 4.78% and 4.88%